Calculation of National Insurance Contributions
From Friday 10th April, it is possible that you might notice an increase in your take-home pay.
This is as a result of commencing the new tax year and the way that National Insurance Contributions (NICs) are treated for directors of their own limited companies.
From now, until your taxable earnings reach £8,060* you will not have to pay any NICs. Once over this limit, you will pay NICs as you do at present.
For a contractor invoicing £500 per week with £100 expenses, this means potentially an extra £30 per week for up to 20 weeks!
If you have any questions about this, please do not hesitate to contact us.
Nova Accountancy fees
As you know, Nova Accounting charges a £10 per payment fee for handling all your limited company administration and processing expenses.
We wanted to let you know that from Friday 10th April, this charge will be more visible on your payslip. We have listened to comments that previously this cost was not made clear enough, so we hope you find the change helpful.
*pro-rata figure applicable for tax year 2016-17, depending on when you start in the financial year.
Welcome to Nova Accounting
Welcome to Nova Accounting – a specialist provider of accounting and business administration services tailored to the requirements of sole trader businesses.
We have a wealth of experience in handling the tax and accounting requirements of self-employed workers and can provide you with a tailored service, which leaves you to concentrate on doing your business.
Becoming self-employed can feel a bit daunting, but we're here to make things straight forward!
If you are new to self-employment and operating as a sole trader for the first time, then help is at hand to guide you through the process from registering with HMRC for self-employment, to dealing with your tax each week, VAT, right the way through to completing your self-assessment.
Please have a look at the services we provide to see how we can help, and if you'd like to discuss in more detail, then call our customer services department who will be able to help with any queries you may have.
We look forward to hearing from you soon!